There is no universal winner: an S&P 500 fund tracks a group of 500 selected U.S. companies, while a total U.S. stock market fund extends coverage to large-, mid- and small-cap stocks. The right choice depends on how much of the U.S. market you want, the costs and availability of the specific fund, and how it fits with the rest of your portfolio.
What is the difference between the two kinds of funds?
An index fund aims to track an index, but the index determines what the fund owns. An S&P 500 index is a market-cap-weighted index of 500 selected common stocks. Fidelity describes its selection criteria as including market size, liquidity and industry representation. It is a widely used measure of U.S. large-company stock performance, but it is not a list of every U.S. stock or a guarantee that every large U.S. company is included.
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A total U.S. stock market index fund seeks to cover a broader slice of domestic equities: large-, mid- and small-cap companies. Schwab describes its total stock market index fund as measuring those three segments. This gives investors exposure beyond the S&P 500, but it does not mean that all holdings have equal weight or that smaller companies dominate the portfolio.
Both index descriptions are market-cap weighted. In that approach, companies with larger market values have greater influence on the index than smaller ones. A total-market fund therefore holds large companies alongside smaller ones; adding mid- and small-cap coverage does not remove the large-company exposure it shares with an S&P 500 fund.
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How much broader is a total-market fund in practice?
The difference is about coverage, not a choice between large companies and no large companies. The S&P 500 focuses on its selected 500 stocks. A total-market index reaches beyond that group into mid- and small-cap U.S. equities, while retaining exposure to large companies. Schwab reported 503 holdings for its S&P 500 fund, SWPPX, as of 2026-07-31. That figure describes that fund on that date; it should not be mistaken for the number of holdings in every S&P 500 fund or for the total number of stocks in a total-market fund.
Because the total-market fund includes large companies as well as smaller ones, the two categories can have substantial exposure in common. The precise overlap depends on the index and fund, and the cited fund descriptions do not establish a single overlap percentage. It is more useful to think of the total-market option as adding smaller-company exposure than as replacing the S&P 500 portion with a wholly different portfolio.
Also, “total U.S. stock market” does not mean the whole global investment market. The cited total-market coverage is U.S. equity. It does not, by itself, establish exposure to international stocks or bonds. If you want those asset classes, check whether they are held elsewhere in your portfolio or included in a separate investment.
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How should you compare costs?
Compare actual funds and share classes rather than assuming that one category is always cheaper. Expense ratios are fund-level figures, can change, and may depend on the specific share class. Investor.gov, the SEC’s investor education resource, states: “If the holdings of two funds have identical performance, the fund with the lower cost generally will generate higher returns for you.” The condition matters: identical performance is a hypothetical comparison, not a prediction that a lower-cost fund will outperform.
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| Fund example | Index category | Displayed expense ratio | Qualification |
|---|---|---|---|
| Schwab S&P 500 Index Fund (SWPPX) | S&P 500 | 0.020% | Schwab Asset Management figure displayed on its fund page when accessed 2026-10-08. |
| Schwab Total Stock Market Index Fund (SWTSX) | Total U.S. stock market | 0.030% | Schwab Asset Management figure displayed on its fund page when accessed 2026-10-08. |
| Fidelity fund comparison: FSKAX | Total U.S. stock market | 0.015% | Fidelity comparison-page figure accessed 2026-10-08; effective date not stated in the result. |
| Fidelity fund comparison: VTSAX | Total U.S. stock market | 0.040% | Fidelity comparison-page figure accessed 2026-10-08; effective date not stated in the result. |
These are examples, not category averages or a complete list of available funds. In particular, the Fidelity comparison figures do not establish that every fund in the comparison is available to every investor or in every account. The figures may change, so confirm the current expense ratio, share-class details and account eligibility on the provider’s fund page and in its prospectus before making a decision.
To put the Schwab figures in context, 0.020% works out to roughly $2 per year for each $10,000 invested, while 0.030% is roughly $3, assuming the balance stays at that level. That simple illustration shows the ratio difference; it is not a forecast of total returns or a comparison of every possible cost. A fund’s ratio should be considered alongside its benchmark, eligibility and place in your portfolio.
An expense ratio is one cost to consider, not a complete verdict on suitability. A small difference in the stated ratio may matter over time, but it does not tell you whether a fund is available in your account or whether its market coverage fits your plan. Check the exact ticker and share class rather than relying on a fund’s broad category label.
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No fund in either category eliminates the risk of losing money. A total-market fund owns stocks across more company-size segments than an S&P 500 fund, which broadens its U.S. equity exposure. That breadth is not protection against a broad decline in U.S. stocks, and the presence of more holdings should not be treated as a promise of safety.
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Fidelity describes diversification as an investment strategy designed to help manage risk of loss, while expressly noting that no strategy can eliminate that risk entirely. Diversification is not the same as a guarantee, and a fund holding many stocks can still lose value when the market falls.
Returns can differ because large-, mid- and small-cap stocks do not necessarily perform alike over every period. The additional smaller-company exposure in a total-market index can make its results differ from those of an S&P 500 index. The cited materials do not establish which category will return more in the future, or a universal historical comparison that would determine the choice for every investor. Do not choose either fund on the assumption that it will reliably outperform the other.
Which option may fit your portfolio?
An S&P 500 fund may fit if you want its specific large-company benchmark
This can be a straightforward choice if your intended U.S. stock allocation is specifically to an S&P 500-tracking fund, and the particular fund’s cost and availability work for you. Remember that this means choosing the index’s selected large-company coverage, not owning the entire U.S. market.
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This can suit an investor who wants a single U.S. equity fund to include large-, mid- and small-cap exposure. It still has large-company holdings and remains a U.S. stock investment; it does not supply international stocks or bonds merely because its name says “total market.”
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Check what you already own before adding another fund
Your existing U.S. equity holdings may already provide exposure to some of the same large companies. If you add a second fund, consider whether it adds a segment you intended to include or mainly increases exposure you already have. Also look at international stocks and bonds elsewhere in your plan; neither fund category establishes that those assets are covered.
For example, holding both types of fund does not automatically create a more balanced portfolio. Since both include exposure to large U.S. companies, the second fund may overlap with the first. Whether it adds useful mid- or small-cap exposure depends on the particular indexes and funds; the available descriptions do not give a universal overlap figure. Compare what each fund is designed to cover with your intended allocation rather than judging by the number of fund names in the account.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.A practical checklist before you invest
- Decide on coverage. Choose whether you want the selected 500-stock S&P 500 benchmark or U.S. equity coverage extending across large-, mid- and small-cap companies.
- Identify the exact fund. Record its ticker and share class. Do not assume that every fund with a similar name tracks the same index or has identical terms.
- Verify current costs and eligibility. Check the provider’s current fund page and prospectus for the expense ratio, share-class conditions and whether the fund is available in your intended account.
- Review portfolio context. Look at your existing U.S. stock exposure and how the choice relates to any international stock or bond allocation you want. Avoid treating either fund as a complete portfolio by default.
- Decide without relying on a forecast. The cited facts describe index coverage and provider expense-ratio examples; they do not identify a future winner. Make the choice based on intended coverage, current fund terms and portfolio fit.
This comparison is a general framework, not individualized investment, tax or allocation advice. Account-specific availability and tax consequences are not determined by the index category. If those issues or your personal allocation needs are central to the decision, consult an appropriately qualified financial or tax professional.
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Frequently Asked Questions
Does a total U.S. stock market fund include the S&P 500?
A total-market fund covers large-, mid- and small-cap U.S. equities, so it includes large-company exposure that overlaps substantially with an S&P 500 fund. The precise holdings and overlap depend on the fund and index; the provider descriptions do not establish one overlap percentage for all funds.
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Is a total-market fund safer because it holds more companies?
No. Broader holdings can help manage risk, but they do not eliminate the possibility of loss. A total-market fund remains a U.S. stock investment and can decline when U.S. stocks fall.
Are S&P 500 funds always cheaper than total-market funds?
No. The cited examples vary by provider and fund: Schwab displayed 0.020% for SWPPX and 0.030% for SWTSX, while Fidelity displayed 0.015% for FSKAX and 0.040% for VTSAX. These are not category averages. Check the current ratio and share-class details for the exact fund you can use.
Does either fund give me international stocks or bonds?
Not by virtue of the U.S. index category. The total-market fund coverage described here is U.S. equity, and an S&P 500 fund also tracks U.S. stocks. Check other holdings in your portfolio if you want international stocks or bonds.
The Bottom Line
Choose based on the U.S. stock coverage you want, not on a presumed winner: an S&P 500 fund tracks 500 selected large-company stocks, while a total-market fund extends into mid- and small-cap equities and still holds large companies. Compare the exact fund’s current expense ratio, share class and account availability, then consider overlap with your existing holdings. Neither option guarantees gains, removes market risk or provides global diversification on its own.
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